The trader earned $26 million by investing in Solana meme tokens

During the recent meme coin boom, a trader reportedly made over $26 million in profits trading tokens on Solana.

According to analysts at Lookonchain, on November 11, 2023, paulo.sol noticed the increase in the price of Bonk (BONK) and invested in the asset. While engaged in swing trading, the trader earned approximately $6.28 million from price fluctuations.

The user then started buying and trading Dogwifhat (WIFE) on December 4, 2023, followed by Jeo Boden (BODEN) in March. Both moments were times when meme coins began to rise sharply.

In total, paulo.sol made a profit of $9.51 million and $7.04 million on the two coins trading at higher prices. The trader currently holds positions in BODEN for $7.6 million and in WIF for $5.7 million.

In the wake of these gains, the trader continued to add new coins to his collection. The cryptocurrency trader recently purchased 9.3 million Popcats, worth $4.9 million, becoming the second-largest holder of the token.

Crypto analyst Zia ul Haque praised the trader for his bold and effective maneuvers. According to him, the trader is not just lucky, but has conducted a thorough analysis of the movements of the cryptocurrency market.

Despite gains like these, cryptocurrency experts have urged traders to be careful when investing in meme coins on Solana. According to on-chain analyst ZachXBT, more than 40% of projects in the Solana ecosystem stopped further development one month after pre-sale.

The expert studied 27 projects that raised more than 655,000 SOL during the token presale, 12 of which were found to be linked to fraud.

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